Last week, the number of Americans applying for mortgages increased 19.5% when compared to the week prior, according to a report released today by the Mortgage Bankers Association (MBA). The study showed refinance applications rose 8.6 percent, and applications from those seeking to purchase a home increased 15.3 percent.

According to Quicken Loans Chief Economist Bob Walters, consumers are noticing low rates and taking action.

“Mortgage activity, much like the weather around the country has remained hot.  Low rates are driving consumers into the market, and for good reason.  Folks who refinanced not more than a year ago are now looking at a scenario where it may make sense to again refinance.  The rates out there are simply that good.”

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